! Required information Use the following information for the Quick Study below. (Algo) (The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 25 units for $25 each. Purchasen on December 7 Purchases on December 14 Purchases on December 21 15 units $10.00 cont 30 units $15.00 cost 25 units $17.00 cont QS 5-14 (Algo) Periodic: Inventory costing with specific identification LO P1 Monson sells 25 units for $25 each. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific Identification, Specific Identification Cost of Goods Available for Sale Cost of Goods Sold #of units Cost per Inventory Balance # of units Cost per Ending In ending unit Inventory Inventory Cost of Goods Available for Sale unit # of units sold Cost Cost of per unit Goods Sold Purchases: $10.00 $ 0 0 December 7 December 14 December 21 Total 150 450 15.00 0 15 $ 10.00 $ 30 15.00 25 17.00 70 $ $ 10.00 $ 15.00 17.00 $ 425 1,025 0 425 425 25 25 0 $ 0